Global X Correlations

SHLD Etf

USD 39.06 0.14 0.36%

The current 90-days correlation between Global X Funds and First Trust Exchange Traded is 0.43 (i.e., Very weak diversification). The correlation of Global X is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Global X Correlation With Market

Very weak diversification

The correlation between Global X Funds and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Funds and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Global X Funds. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Global Etf

0.71	OIH	VanEck Oil Services	Pair Corr
0.61	EWC	iShares MSCI Canada	Pair Corr
0.65	HUM	Humana Inc Earnings Call This Week	Pair Corr

Moving against Global Etf

0.6	IAUF	IShares	Pair Corr
0.44	XONE	Bondbloxx Bloomberg One	Pair Corr
0.37	SEIX	Virtus ETF Trust	Pair Corr
0.35	FLDR	Fidelity Low Duration	Pair Corr
0.35	MINT	PIMCO Enhanced Short	Pair Corr
0.31	BRLN	Blackrock ETF Trust	Pair Corr
0.42	YEAR	AB Ultra Short	Pair Corr
0.4	ICSH	iShares Ultra Short	Pair Corr
0.35	TFLO	iShares Treasury Floating	Pair Corr
0.33	STK	Columbia Seligman Premium	Pair Corr

Related Correlations Analysis

	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DRIP	DRLL	MLPX
MDEV		-0.45	0.89	0.94	0.34	0.78	-0.16	0.43	-0.42	MDEV
MDST	-0.45		-0.75	-0.55	0.51	-0.3	-0.64	0.32	0.97	MDST
MEDX	0.89	-0.75		0.94	0.04	0.74	0.13	0.19	-0.72	MEDX
MEDI	0.94	-0.55	0.94		0.24	0.78	-0.06	0.34	-0.51	MEDI
MGNR	0.34	0.51	0.04	0.24		0.39	-0.83	0.83	0.6	MGNR
MISL	0.78	-0.3	0.74	0.78	0.39		-0.33	0.57	-0.22	MISL
DRIP	-0.16	-0.64	0.13	-0.06	-0.83	-0.33		-0.91	-0.7	DRIP
DRLL	0.43	0.32	0.19	0.34	0.83	0.57	-0.91		0.42	DRLL
MLPX	-0.42	0.97	-0.72	-0.51	0.6	-0.22	-0.7	0.42		MLPX
	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DRIP	DRLL	MLPX

Click cells to compare fundamentals

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

MLPX	+ 0.97	MDST
MEDI	+ 0.94	MDEV
MEDI	+ 0.94	MEDX
MEDX	+ 0.89	MDEV
DRLL	+ 0.83	MGNR
MISL	+ 0.78	MDEV

High negative correlations

DRLL	- 0.91	DRIP
DRIP	- 0.83	MGNR
MEDX	- 0.75	MDST
MLPX	- 0.72	MEDX
MLPX	- 0.7	DRIP
DRIP	- 0.64	MDST

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Global X's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MDEV	0.56	(0.06)	0.00	(0.35)	0.00	0.00	1.14	(1.04)	4.22
MDST	0.75	0.14	0.14	0.53	0.82	(0.81)	1.84	(1.39)	5.14
MEDX	0.77	(0.23)	0.00	(1.08)	0.00	0.00	1.15	(1.98)	4.18
MEDI	0.84	(0.12)	0.00	(0.34)	0.00	0.00	1.76	(1.76)	4.57
MGNR	0.92	0.05	0.04	0.11	1.09	(1.03)	2.05	(1.85)	7.34
MISL	0.87	(0.03)	0.00	(0.06)	0.00	0.00	1.42	(1.68)	8.22
DRIP	2.29	(0.11)	0.00	0.23	0.00	0.00	5.24	(3.85)	18.33
DRLL	0.85	0.01	0.01	0.04	1.31	(0.80)	1.49	(2.63)	6.66
MLPX	0.86	0.22	0.19	0.61	0.93	(0.91)	2.17	(2.10)	6.07

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